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A Bill Gates-backed investment fund is teaming with British Airways parent IAG SA, American Airlines Group Inc. and Cathay Pacific Airways Ltd. to accelerate the production of sustainable aviation fuel.
Breakthrough Energy Ventures and about 10 carriers are committing $150 million to support early-stage SAF startups moving through the development phase, IAG Group Sustainability Officer Jonathon Counsell said in an interview.
“The final fund will be a multiple, over three times the current funding,” he said. The other companies involved include Japan Airlines Co., Alaska Air Group Inc. and Singapore Airlines Ltd.
European executives have recently been downbeat about the prospect of meeting ambitious mandates for low-carbon fuel by decade’s end, citing high costs and limited supplies. The jet fuel supplied to the region’s airports must contain at least 6% SAF by 2030.
— With assistance from Robert Fenner
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